EUR/NOK 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/NOK currency pair has been strongly bearish February 4, when the pair refused moving above 8.5274. Since then the pair has lost more than 3,000 pips already, and according to 74% of Dukascopy traders, the tendency will persist. Even so, bulls made an attempt last week, with the price being pushed higher by ECB's comments. The rally, however, was short-lived, and the pair moved back in pattern's boundaries. Moreover, a breakout was not confirmed by a spike in trading volume, hence, the outlook is still bearish. A dip below recent low and Daily S2 at 8.2263 will put pattern's support and daily S3 at 8.1918 on the map.
© Dukascopy Bank SA
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